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4Paradigm completes over RMB 1 billion Series C financing, with a valuation of US$1.2 billion

Latest update time:2018-12-19
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Lei Gang from Aofei Temple
Quantum Bit Report | Public Account QbitAI

Fourth Paradigm, a star AI company, received 1 billion yuan in new revenue in the winter, with a valuation of 1.2 billion US dollars.

This is new financing announced by Fourth Paradigm today (December 19).

In the C round, the total amount exceeded 1 billion yuan and the valuation was approximately 1.2 billion US dollars.

This round of financing introduced new strategic shareholders including Guoxing, Tus-Land, Poly, Three Gorges, CITIC, Agricultural Bank of China, and Bank of Communications, and Sequoia China continued to make additional investments.

With the addition of old shareholders Industrial and Commercial Bank of China, Bank of China, and China Construction Bank, 4Paradigm has gathered the five major Chinese banks , becoming the only startup invested by the five major banks.

But Fourth Paradigm’s business development is no longer limited to finance.

In the financing announcement, 4Paradigm founder and CEO Dai Wenyuan said: "4Paradigm's business scope has expanded from finance to healthcare, government, energy, retail, media and other fields. We will continue to increase investment in technology and platforms, accelerate the expansion and large-scale application of AI general platform in various industries, and provide better services to customers and partners."

More progress was also revealed.

2000+ cases

Fourth Paradigm disclosed that it has completed more than 2,000 AI implementation cases, serving areas including finance, healthcare, government, energy, retail, media, etc.

Taking the financial sector as an example, Fourth Paradigm has cooperated with major banks to build an AI application system in-depth into the underlying system, with persistence and autonomy as the goals of AI applications. It has promoted banks to upgrade from a process-based rule system to a real-time intelligent decision-making system based on high-dimensional machine learning models, and develop from informatization to intelligence.

Currently, the total assets of financial institutions served by Fourth Paradigm exceed 50 trillion yuan.

In the medical field, 4Paradigm has collaborated with Shanghai Ruijin Hospital on the "Ruining Zhitang" series of projects, which mainly focus on virtual metabolic human research and chronic disease management.

The Ruining Zhitang project has been put into use in more than 400 hospitals in more than 30 provinces and cities.

On the Internet media side, 4Paradigm has helped more than 400 media outlets around the world implement information flow recommendations based on AI technology, creating personalized browsing experiences for thousands of people.

Focus on AI computing power

Fourth Paradigm also disclosed that while using the platform to promote the large-scale implementation of AI, in the fields of basic research and cutting-edge technology, Fourth Paradigm focuses on transfer learning, high-VC-dimensional machine learning, AutoML, high-performance AI computing power, and AI in various application fields.

Moreover, after establishing a closed loop from enterprise data to industrial implementation, 4Paradigm began to pay more attention to the task of supplying AI computing power to various industries, trying to give companies the key capabilities to independently develop AI applications and promote the implementation of AI in every valuable business scenario.

Founded in early 2015, 4Paradigm’s core product is 4Paradigm Prophet, a low-threshold, end-to-end enterprise-level artificial intelligence PaaS platform with capabilities covering the entire life cycle of AI application development, operation, and management.

The fourth method is to hope that "Prophet" can give enterprises the ability to independently build AI applications, support enterprises, partners and developers to develop various industry intelligent applications on the platform based on actual business needs, optimize operational efficiency, improve decision-making level, and promote "AI" transformation and upgrading.

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